IRVING R. KAUFMAN, Circuit Judge: We are called upon to decide two significant questions relating to § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5: Under what circumstances does Fed.R. Civ.P. 23 permit a class action alleging a violation of 10b-5 ? And, may punitive damages be assessed against those who do not meet the standards of conduct required by that rule ? Leon…
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